Posted on 18 Feb 2009
Ironshore Environmental, a newly formed division of Ironshore Inc., announced today that it had placed its reinsurance treaty and that separately it had entered into an arrangement with a member of the Berkshire Hathaway group of insurance companies for longer term environmental insurance placements.
Joe Boren, CEO of Ironshore Environmental, in making the announcement noted, “Certain transactions that require longer term environmental insurance also demand the highest financial strength in the insurance carrier. The arrangement brings our experienced environmental underwriting team together with the financial strength of a Berkshire Hathaway group company. This partnership is exactly what the market has been asking for.”
Under the arrangement, Ironshore will market, engineer and underwrite all risks with a term of five years or more. Each insurance policy will be placed with National Fire and Marine Insurance Company. In addition, John O’Brien, President of Ironshore Environmental, noted, “The reinsurance arrangement is completed with National Indemnity as the lead, along with Harbor Point, Arch and others. We are delighted with the reinsurance partners we have been able to attract. We have received overwhelming support from them as well as the entire marketplace. Our goal is to provide much needed service to clients.”
Ironshore provides broker-sourced specialty commercial property and casualty coverages for risks located throughout the world. Through its platform in Bermuda, including Iron-Starr Excess, Ironshore writes property and excess casualty insurance for commercial risks. Ironshore’s US operations write commercial property and casualty insurance, including a variety of coverages in the Management & Professional Liability, Healthcare Liability, Construction and Environmental specialty areas. Specialty coverages are underwritten at Lloyd's through Ironshore’s Pembroke Syndicate 4000.